The Ladies in Monetary Planning Mentoring Program has been deemed an impressive success by the mentors and mentees who participated within the initiative, in line with the Monetary Recommendation Affiliation Australia (FAAA).
Run by the FAAA via a $2.2 million grant from the Workplace for Ladies within the Division of the Prime Minister and Cupboard, this system aimed to assist girls in monetary planning to additional their careers by matching eligible girls within the monetary recommendation career in search of steering and assist with extra skilled feminine members.
The primary program paired 96 mentors and mentees from February to August 2022, whereas the second program paired 36 mentors and mentees from March to October this yr.
This system included:
- on-line coaching and studying supplies for mentors to assist information the mentoring relationship
- three webinars attended by mentors and mentees to trace progress throughout this system, and
- month-to-month contact between mentors and mentees all through this system.
One mentee mentioned: “This program has truthfully modified my profession path and helped me to develop and develop a lot greater than I anticipated. I bought the assist that I wanted particularly from a feminine monetary adviser. I truthfully couldn’t advocate this system sufficient to those that are struggling.”
One other mentee famous of this system: “My mentor has allowed me to develop not solely my skilled skills but in addition my confidence and self-worth. She has offered me with nice assets and new views that can assist me for years to return.”
As a consequence of a scarcity of funding, the Ladies in Monetary Planning Mentoring Program will probably be discontinued in 2024.
FAAA Chief Government Officer Sarah Abood mentioned that this system has been extraordinarily profitable, and it’s disappointing that it can’t proceed subsequent yr.
“I’ve acquired overwhelmingly constructive suggestions from each mentors and mentees saying they have been glad they participated in this system,” she mentioned.
“With girls solely accounting for round 22 per cent of monetary planners and round 28 per cent of the FAAA membership, initiatives similar to this one are extremely necessary to encourage extra girls to not solely contemplate monetary recommendation as a profession but in addition stay within the career as soon as they’re totally certified.
“As a career, it can be crucial that we signify the group we serve, and this program exhibits that demand for feminine monetary advisers is powerful. We want extra of them coming into our career to assist guarantee we now have sufficient advisers to serve the wants of the rising variety of Australian customers in search of recommendation.”